UAE Nationals To Get Interest-Free House Loan Under New Policy
- Publish date: Friday، 27 May 2022
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Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has revealed that the UAE Cabinet has endorsed a new policy for UAE nationals home finance or loan free of interest.
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Housing loans shall be financed through collaboration between the Sheikh Zayed Housing Programme (SZHP) and national banks.
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Al Mazrouei stated, "According to the new Housing Policy, UAE banks shall assume full responsibility for the process of loans funding for Emiratis, where SZHP shall fund the interests resulting from the loans on behalf of the UAE nationals."
"The new policy aims to combine efforts to serve Emiratis benefiting from the SZHP, by the provision of bank facilities in a way that should mitigate the financial burdens on the beneficiaries," he added.
It is worth noting that more than 86.3 percent of Emiratis own their own homes, which is one of the highest rates in the world.